Morocco Inaugurates Extension to Africa's Already Biggest Port

Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...
Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...
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Morocco Inaugurates Extension to Africa's Already Biggest Port

Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...
Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...

Moroccan King Mohammed VI on Friday, June 28, will oversee the inaugural of the Tanger Med 2 extension at the country’s top cargo port. The expansion is officially opening for business after completing a months-long operations trial.

The new berth extends over 1,600 meters and has an estimated capacity of 4.2 million iron containers. This expansion will increase the total capacity of the whole port complex to 9 million containers. The project also includes the construction of an additional 400-meter extension, which will also accommodate about one million containers.

Overall cost of the expansion totaled around $ 2.8 billion.

The extension to Africa's already biggest port, will further develop the facility after it had already adopted digital processing, an upgrade which has reflected positively on its performance, especially in terms of duration of processing.

Tanger Med cargo port, lying on the coasts of Tangier and off Mediterranean waters, consists of 4 berths, the first of which was inaugurated in 2007.

It is worth noting that last April, DHL Global Forwarding, a leading international provider of air, sea and road freight services, signed a deal with Tanger Med to set up its new Africa-Europe Logistics Hub in the Tanger Med port.

“The strategic location of Tanger Med presents a huge opportunity for us. Its ability to support multi-modal connectivity, especially its maritime, as well as road connections to Casablanca and the South, will allow us to expand and enhance our customer service offering,” said Christelle Fadel, General Manager, DHL Global Forwarding, in a press release.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.